Investment Strategy

Seeks to provide long-term appreciation and income through exposure to large global equities that we believe have exceptional quality, valuation, and dividend yield. Enhanced Dividend’s focus on the combination of value and dividend yield across the global opportunity set provides a unique take on equity income. Stocks are conviction-weighted and broadly constrained by region, sector, and industry. The strategy is based on a separately managed account launched on May 2003. Please see the prospectus for the performance of that product.

PERFORMANCE

Fund Yield as of 9/30/2018

Shares 30-Day SEC Yield Distribution Yield
Class I 2.99% 2.25%

The unsubsidized 30-day SEC yield — which excludes fee waivers contractually agreed upon through November 27, 2018 — would be 1.30%. Distribution yield is calculated by dividing the sum of all distributions paid over the previous 12 months by the net asset value at the end of the period.

Performance as of 9/30/2018*

O'Shaughnessy Enhanced Dividend® Fund (I)
MSCI AC World Index
MTD
1.4%
0.4%
QTD
3.8%
4.3%
1-Year
10.6%
9.8%
3-Year
14.9%
13.4%
5-Year
4.6%
8.7%
Since
Inception
8/16/2010
7.2%
9.8%

* Expenses: Net** (I) 0.99%; Gross (I) 1.86%
* All returns greater than one-year are annualized.
**For the fiscal year ended July 31, 2015, O’Shaughnessy Asset Management, LLC (the “Adviser”) recouped 0.08% of the Fund’s average daily net assets, to bring Total Annual Fund Operating Expenses After Recouped Management Fees to the Fund’s expense cap of 0.99% of average daily net assets. At the fiscal year ended July 31, 2015, the Fund was subject to further recapture of previously waived fees and Fund expenses paid by the Adviser.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 291-7827. To discourage mutual fund timers the Fund imposes a 2.00% redemption fee on shares held for less than 90 days. Performance data does not reflect the redemption fee. If it had, returns would be reduced. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

FUND FACTS

O'Shaughnessy Enhanced Dividend® Fund
Inception Date: 8/16/2010
Shares Ticker Symbol Cusip Net Expenses* Gross Expenses Minimums
Class I OFDIX 00768D764 0.99% 2.20% $10,000

* The Adviser is sensitive to expenses and has contractually agreed to waive fees through November 27, 2019.

Fund distributions and/or dividend payments are scheduled for December each year.
Please call (877) 291-7827 to obtain estimated payment information.


Scheduled fund distribution:

12/31/18
Estimated net income distribution of $0.018 per share (Class I).
No short-term or long-term capital gains distribution.
(Subject to change. Please note these are unaudited estimates. Cash flows into the funds could change the distribution amounts.)

Past Dividend Payment History:
Declared Date Ex-Date
Reinvestment Date
Payable Date
Class Ticker Income Short-Term Long-Term
11/29/2018 11/30/2018 I OFDIX 0.01480522
10/30/2018 10/31/2018 I OFDIX
9/27/2018 9/28/2018 I OFDIX 0.02256537
8/30/2018 8/31/2018 I OFDIX 0.03719799
7/30/2018 7/31/2018 I OFDIX 0.02906488
6/28/2018 6/29/2018 I OFDIX 0.02828564
5/30/2018 5/31/2018 I OFDIX 0.11072214
4/27/2018 4/30/2018 I OFDIX 0.02386906
3/28/2018 3/29/2018 I OFDIX 0.02514342
2/27/2018 2/28/2018 I OFDIX 0.01503755
1/30/2018 1/31/2018 I OFDIX
12/28/2017 12/29/2017 I OFDIX 0.02409369
11/29/2017 11/30/2017 I OFDIX 0.02411435
Show all dividend payments
 
CHARACTERISTICS

Characteristics as of 9/30/2018
For definitions of our characteristics, please visit our glossary page.
Holdings Based * O'Shaughnessy
Enhanced Dividend® Fund
MSCI AC World Index
Price/Earnings Ratio 9.7x 17.4x
Price/Sales Ratio 0.7x 1.6x
Weighted Average Market Capitalization $48,789 Mil $161,494 Mil
Median Market Capitalization $31,246 Mil $10,449 Mil
Foreign Exposure 60.3% 44.8%
Approximate Number of Holdings 70 2791
 
Returns Based
(Fund statistics based on Class I NAV)
Standard Deviation 13.4% 12.1%
Downside Standard Deviation 8.4% 7.3%
Sharpe Ratio 0.54 0.83
Beta 0.98 1.00
Information Ratio -0.46
Tracking Error 6.1%
Downside Capture 112.0% 100.0%
Upside Capture 94.7% 100.0%

* The Earnings Growth Rate is not a measure of the fund's future performance.

SECTORS

Sector Distribution* as of 9/30/2018 (%)

O'Shaughnessy Enhanced Dividend® Fund
MSCI AC World Index
Difference
Consumer
Discretionary
15.0%
10.5%
4.5%
Consumer
Staples
6.4%
8.0%
-1.6%
Energy
12.1%
6.7%
5.4%
Financials
24.4%
17.4%
7.0%
Health
Care
2.1%
11.8%
-9.7%
Industrials
8.3%
10.7%
-2.4%
Information
Technology
6.6%
15.6%
-9.0%
Materials
11.2%
5.0%
6.2%
Real
Estate
0.0%
2.9%
-2.9%
Telecommunication
Services
13.8%
8.8%
5.0%
Utilities
0.0%
2.9%
-2.9%

* Sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

Mutual fund investing involves risk. Principal loss is possible.
Principal Risks of Investing in the Fund:
The Fund invests in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods. Small- and medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. REITs and foreign real estate companies may be less diversified than other pools of securities, may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. Risks of derivatives include the possible imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to the transaction; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the instruments may not be liquid.

The O'Shaughnessy Funds are distributed by Quasar Distributors, LLC.